The Phoenix-based company Monday announced it has reached a deal to produce its small tandem-style vehicle at the former General Motors Shreveport Assembly and Stamping Plant in Caddo Parish, La.

Elio Motors, which showed off its vehicle this summer in west Michigan, will rent approximately 1.5 million square feet of the 4.1 million square foot building from Industrial Realty Group, who leases the building from the local Caddo Parish Industrial Development Board.

“We've had an incredible amount of momentum which has led us to a new plant that will be the foundation for building the new vehicle,” said Paul Elio, Elio Motors CEO and founder, in a statement.

Elio also said the company recently raised more than $7 million and plans to hire 1,500 employees for production of the vehicle – slated to start in early-2015.

As of Dec. 27, the company reports it has nearly 6,500 “reservations” for the extremely small car that delivers 84 miles per gallon on the highway and costs no more than $6,800, according to Elio motors.

The production deal was finalized, according to Elio Motors, thanks to the Caddo Parish Industrial Development Board recently acquiring the former GM property from the Revitalizing Auto Communities Environmental Response (RACER) Trust, which was formed as part of GM’s government-backed bankruptcy in 2009 is responsible for 89 former GM properties in 14 states.

“Acquiring this plant and all of the equipment in a fully operational state will allow Elio Motors to thrive right off the bat once commercial vehicle production begins in 2015,” Elio said.

The former GM Shreveport Assembly and Stamping Plant was built in 1981 and most recently expanded in 2002. The property also includes a 1.5 million-square-foot paint shop; an on-site powerhouse and wastewater treatment facility; a rail spur; and 530 acres of land.

GM, which most recently produced its mid-size pickup trucks at the facility, halted production in August 2012.